Trump's harsh words: If BRICS countries dare to attempt 'de-dollarization', impose 100% tariffs!

In the face of the global de-dollarization trend led by the BRICS group (Brazil, Russia, India, China, and South Africa), President-elect Trump announced this morning on social media that if BRICS countries attempt to break free from the US dollar, they will face a "100% tariff." (Background: Resisting the US dollar hegemony! Russia: BRICS countries will build an independent Blockchain payment system) In recent years, due to factors such as US-China competition, Russia's military actions in Ukraine leading to sanctions, and the impact of the Federal Reserve's interest rate cycle on the global capital markets, countries have sparked a wave of "de-dollarization." Among them, the BRICS group composed of China, Russia, India, and other countries has been the most active. Trump sternly warned: Dare to de-dollarize and face a 100% tariff In this context, President-elect Trump, in a post on Truth Social this morning, stated: The idea of BRICS countries attempting to break free from the US dollar while we stand by has come to an end. We demand these countries to commit that they will not create new BRICS country currencies, nor support any other currency to replace the powerful dollar. Otherwise, they will face a 100% tariff, and they should be prepared to say goodbye to the opportunity to sell to the great American economy. They can go find another "fool"! BRICS countries cannot replace the dollar in international trade, and any country attempting to replace the dollar should bid farewell to the United States. Although the US dollar still holds overwhelming influence among the major global reserve currencies, Trump's blatant warning to Russia, India, China, and other BRICS countries not to attempt to "de-dollarize" indicates his concerns about the future dominance of the dollar. BRICS countries support the establishment of a common cross-border payment system At the BRICS summit held at the end of October this year, Russian President Putin stated that the leading role of BRICS countries in the global economy will continue to strengthen, criticizing unilateral sanctions from Western countries against Russia, Iran, and other BRICS countries, and calling for the elimination of the impact of Western sanctions. He also proposed the establishment of a BRICS food exchange and a BRICS investment platform, and other leaders agreed to the construction of a common cross-border payment system led by Russia, which will help BRICS countries bypass the dollar-dominated global financial system for international trade. Brazilian President Lula bluntly stated that it is now time for BRICS countries to create "alternative payment methods." He also mentioned that the New Development Bank (NDB) of BRICS countries will replace the Western-dominated Bretton Woods institutions, including the International Monetary Fund (IMF), World Bank, and others. Elvira Nabiullina, the President of the Central Bank of Russia, also mentioned in August that Russia is discussing the integration of its payment system with BRICS countries, and revealed that 159 foreign participants from 159 countries have accessed Russia's financial messaging system (SPFS). Nabiullina pointed out that SPFS is Russia's own financial messaging system and is Russia's alternative to SWIFT. What are BRICS countries? BRICS refers to five major emerging economies, including Brazil, Russia, India, China, and South Africa. The name is an acronym derived from the initial letters of the English names of these countries (BRICS). The original BRICS (BRIC) was proposed by Jim O'Neill, an economist at Goldman Sachs, in 2001 to describe these rapidly rising countries with increasing global economic influence. South Africa joined in 2010, making it the BRICS Five. Last August, BRICS countries officially announced the acceptance of six additional countries including Argentina, Egypt, and Ethiopia, and their qualifications will take effect on January 1, 2024. In recent years, due to US-China competition, Russia's military actions in Ukraine leading to sanctions, and concerns about the impact of US interest rate cycles on assets, countries have sparked a wave of de-dollarization, and the BRICS group is one of them. Further reading: What are BRICS countries? More than 40 countries are eager to join, can a common currency truly confront US dollar hegemony? Related Reports Russia Tightens Controls: Blocks encryption communication software Signal, requires registration of blogs and Telegram channels. Russia legalizes BTC mining, Putin accelerates embrace of Cryptocurrency. What's the plan? Putin sternly warns "BTC": Mining consumes too much energy, causing power crises in many regions of Russia. [Trump sternly warns: BRICS countries will face a 100% tariff if they dare to "de-dollarize"!] This article was first published on Dynamic BlockTempo, the most influential Blockchain news media.